Help politie Op do 21 mei 2026, 23:00 schreef <[email protected]>:
> Send Mifnet mailing list submissions to > [email protected] > > To subscribe or unsubscribe via email, send a message with subject or > body 'help' to > [email protected] > > You can reach the person managing the list at > [email protected] > > When replying, please edit your Subject line so it is more specific > than "Re: Contents of Mifnet digest..."Today's Topics: > > 1. [Mifnet 🛰 76243] UPS MD 11 crash (Jack Keady) > 2. [Mifnet 🛰 76244] Re: UPS MD 11 crash (Robert S. Distler) > 3. [Mifnet 🛰 76245] Fwd: Does Privatizing Airports Improve Passenger > Experience? An Empirical Test. > (Michael Rurik Halaby) > 4. [Mifnet 🛰 76246] Re: toilets (Karl L. Swartz) > 5. [Mifnet 🛰 76247] Re: UPS MD 11 crash (Kathleen Boyd) > 6. [Mifnet 🛰 76248] Re: UPS MD 11 crash (Tom Ronell) > > > > ---------- Forwarded message ---------- > From: Jack Keady <[email protected]> > To: David Wardell via Mifnet <[email protected]> > Cc: > Bcc: > Date: Wed, 20 May 2026 22:49:58 +0000 (UTC) > Subject: [Mifnet 🛰 76243] UPS MD 11 crash > keady - maybe i"m being too naive here* > > But - if Boeing issued a safety directive in 2011 or earlier, why didn't > UPS do it, even if it was optional? > > In this day and age of redundancy and backups, how could one steel bearing > destroy 13 lives? > > > * remember Ray, our engineering guy from DL. Miss him > > > > ---------- Forwarded message ---------- > From: "Robert S. Distler" <[email protected]> > To: [email protected] > Cc: Jack Keady <[email protected]> > Bcc: > Date: Wed, 20 May 2026 16:12:28 -0700 > Subject: [Mifnet 🛰 76244] Re: UPS MD 11 crash > Jack, That would've been Ray Valeika at Delta, ex-Pan Am > > Bob Distler > > > > Sent from my Galaxy > > > -------- Original message -------- > From: Jack Keady via Mifnet <[email protected]> > Date: 5/20/26 15:51 (GMT-08:00) > To: David Wardell via Mifnet <[email protected]> > Cc: Jack Keady <[email protected]> > Subject: [Mifnet 🛰 76243] UPS MD 11 crash > > keady - maybe i"m being too naive here* > > But - if Boeing issued a safety directive in 2011 or earlier, why didn't > UPS do it, even if it was optional? > > In this day and age of redundancy and backups, how could one steel bearing > destroy 13 lives? > > > * remember Ray, our engineering guy from DL. Miss him > > > > ---------- Forwarded message ---------- > From: Michael Rurik Halaby <[email protected]> > To: Mifnet <[email protected]> > Cc: > Bcc: > Date: Thu, 21 May 2026 07:15:18 +0100 > Subject: [Mifnet 🛰 76245] Fwd: Does Privatizing Airports Improve > Passenger Experience? An Empirical Test. > > Michael Rurik Halaby, FRAeS > UK mobile/WhatsApp: +447711298408 > [email protected] > instagram: halabyaero > www.halaby.aero > > > Begin forwarded message: > > *From:* Fethi from Aviation Deep <[email protected]> > *Date:* 21 May 2026 at 04:54:05 BST > *To:* [email protected] > *Subject:* *Does Privatizing Airports Improve Passenger Experience? An > Empirical Test.* > *Reply-To:* Fethi from Aviation Deep < > reply+3a52si&qp6wu&&c8868cd57b16f50978de498e1bd601ec24303acc013e3349e30e37a977b89...@mg1.substack.com > > > > > What ninety-six airports across thirty-nine countries show — and what it > means for Canada's autumn 2026 ownership decision. > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ > Forwarded this email? Subscribe here > <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9mZXRoaWNoZWJpbC5zdWJzdGFjay5jb20vc3Vic2NyaWJlP3V0bV9zb3VyY2U9ZW1haWwmdXRtX2NhbXBhaWduPWVtYWlsLXN1YnNjcmliZSZyPXFwNnd1Jm5leHQ9aHR0cHMlM0ElMkYlMkZmZXRoaWNoZWJpbC5zdWJzdGFjay5jb20lMkZwJTJGZG9lcy1wcml2YXRpemluZy1haXJwb3J0cy1pbXByb3ZlIiwicCI6MTk4NDMxNTg2LCJzIjo3NjU5MTUzLCJmIjp0cnVlLCJ1Ijo0NDg0NTM3NCwiaWF0IjoxNzc5MzM1NjQ0LCJleHAiOjIwOTQ5MTE2NDQsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.m8wbUOyincb-MfVrGxj5i2mU5smNAaVM-d5uzTd5XhM?> > for more > Does Privatizing Airports Improve Passenger Experience? An Empirical Test. > <https://substack.com/app-link/post?publication_id=7659153&post_id=198431586&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=qp6wu&token=eyJ1c2VyX2lkIjo0NDg0NTM3NCwicG9zdF9pZCI6MTk4NDMxNTg2LCJpYXQiOjE3NzkzMzU2NDQsImV4cCI6MTc4MTkyNzY0NCwiaXNzIjoicHViLTc2NTkxNTMiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.heaHRzmqpW9Md1iTC9eEhITFEKYoE97_ARF6KZayYus>What > ninety-six airports across thirty-nine countries show — and what it means > for Canada's autumn 2026 ownership decision. > > Dr. Fethi Chebil <https://substack.com/@fethichebil> > May 21 > <https://substack.com/@fethichebil> > > > <https://substack.com/app-link/post?publication_id=7659153&post_id=198431586&utm_source=substack&isFreemail=true&submitLike=true&token=eyJ1c2VyX2lkIjo0NDg0NTM3NCwicG9zdF9pZCI6MTk4NDMxNTg2LCJyZWFjdGlvbiI6IuKdpCIsImlhdCI6MTc3OTMzNTY0NCwiZXhwIjoxNzgxOTI3NjQ0LCJpc3MiOiJwdWItNzY1OTE1MyIsInN1YiI6InJlYWN0aW9uIn0.EtkvAR1LlA-5Qw4lhGqcrnQuI-Gry-bDerfrbakX89E&utm_medium=email&utm_campaign=email-reaction&r=qp6wu> > > <https://substack.com/app-link/post?publication_id=7659153&post_id=198431586&utm_source=substack&utm_medium=email&isFreemail=true&comments=true&token=eyJ1c2VyX2lkIjo0NDg0NTM3NCwicG9zdF9pZCI6MTk4NDMxNTg2LCJpYXQiOjE3NzkzMzU2NDQsImV4cCI6MTc4MTkyNzY0NCwiaXNzIjoicHViLTc2NTkxNTMiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.heaHRzmqpW9Md1iTC9eEhITFEKYoE97_ARF6KZayYus&r=qp6wu&utm_campaign=email-half-magic-comments&action=post-comment&utm_source=substack&utm_medium=email> > > <https://substack.com/app-link/post?publication_id=7659153&post_id=198431586&utm_source=substack&utm_medium=email&utm_content=share&utm_campaign=email-share&action=share&triggerShare=true&isFreemail=true&r=qp6wu&token=eyJ1c2VyX2lkIjo0NDg0NTM3NCwicG9zdF9pZCI6MTk4NDMxNTg2LCJpYXQiOjE3NzkzMzU2NDQsImV4cCI6MTc4MTkyNzY0NCwiaXNzIjoicHViLTc2NTkxNTMiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.heaHRzmqpW9Md1iTC9eEhITFEKYoE97_ARF6KZayYus> > > <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9vcGVuLnN1YnN0YWNrLmNvbS9wdWIvZmV0aGljaGViaWwvcC9kb2VzLXByaXZhdGl6aW5nLWFpcnBvcnRzLWltcHJvdmU_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.t1sHCL-mm8pEwbzpAjUggrcxGO8Ss1tto3iTeQIqo0k?&utm_source=substack&utm_medium=email> > > READ IN APP > <https://open.substack.com/pub/fethichebil/p/does-privatizing-airports-improve?utm_source=email&redirect=app-store&utm_campaign=email-read-in-app> > > > Privatization improves passenger experience at airports. This belief is > widely held in the Canadian debate on airport ownership. It has been > articulated at the highest levels of government. The intuition is direct: > profit-motivated operators have stronger incentives to invest in terminals, > technology, and service quality than public bodies running on > appropriations and political cycles. The argument carries weight in the > current debate because it is the part of the case that resonates with > citizens, not only with capital markets. > > The April 28, 2026 Spring Economic Update committed the federal government > to assess alternative ownership models for the National Airports System. > Cabinet decisions are expected late this year. Legislation will follow in > 2027 and 2028. If privatization delivers measurably better passenger > experience, that is a public-interest argument for it. If it does not, that > argument has to be retired before the legislative process gives it weight > it does not earn on the evidence. > > This piece tests the claim against documented outcomes at airports across > every ownership model — state-owned, non-profit, pension-fund-held, > infrastructure-fund-held, operator-investor-held, and > strategic-operator-controlled. It draws on a research programme built over > the past two years covering 39 institutional investors, 96 airports, 39 > countries, and more than 140 documented transactions from 1987 to 2025. The > full database is available on request. > [image: Calgary International Airport, Canada – arc] > <https://substack.com/redirect/e97c9eac-88ee-49d2-b509-2bd249828425?j=eyJ1IjoicXA2d3UifQ.HlINSA8PDxHHHilcinYj1ez7T3oLpCSnE0zzb_Hi_vw> > > Upgrade to paid > <https://substack.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.gvp4fBLZUu3FyG8yzJEX1w8TZaySF6ursAPVyi_wgJs?&utm_medium=email&utm_source=subscribe-widget&utm_content=198431586> > > Before the test, the term has to be defined. Passenger experience is > measured in the industry through three principal frameworks. The Airports > Council International’s Airport Service Quality programme (ACI ASQ) surveys > roughly 700,000 passengers each year across more than 400 airports; it is > the airport-administered industry benchmark. The Airline Passenger > Experience Association (APEX), affiliated with IATA, produces cross-journey > research that includes airport touchpoints. Skytrax conducts the largest > independent passenger-vote ranking and publishes the annual World Airport > Awards. The database used in this piece anchors its integrated 1-to-5 > rubric to the overall measures produced by ACI ASQ and Skytrax. Throughout > this piece, “passenger experience” refers to integrated overall rankings > only. Categorical sub-awards — cleanliness, staff service, dining — are > partial signals and are not cited as evidence of integrated passenger > experience. > > With the term defined, the question becomes empirical. > The data > > *Non-privatized airports produce world-class passenger experience. * > > Three state-owned operators sit consistently at the top of integrated > passenger experience rankings. Changi, in Singapore, is wholly owned by > Changi Airport Group under Temasek; it has been named Skytrax World’s Best > Airport thirteen times, most recently in 2025. Incheon, in South Korea, is > wholly owned by Incheon International Airport Corporation; it sits > consistently in Skytrax’s World Top 5. Hamad International, in Qatar, is > owned by Qatar Airways Group; it was Skytrax World’s Best Airport in 2024. > None of these airports has private equity holders. All three produce > passenger experience outcomes that the privatization-as-improvement thesis > would predict are impossible. > > *The Canadian evidence is more revealing because the governance structure > is held constant.* > > Vancouver International (YVR) and Montréal-Trudeau (YUL) operate under the > identical regime established by the 1994 National Airports Policy. Both are > non-share-capital not-for-profit airport authorities. Both hold 80-year > ground leases from the federal Crown, expiring in 2072. Both have > community-appointed autonomous boards. Both reinvest 100 percent of net > revenues. Neither has private equity holders. The corporate form, the lease > term, the accountability framework, and the financial model are the same. > > The outcomes are not. > > <https://substack.com/redirect/5c347564-7525-424c-974c-bcf69e730380?j=eyJ1IjoicXA2d3UifQ.HlINSA8PDxHHHilcinYj1ez7T3oLpCSnE0zzb_Hi_vw> > > Same governance scaffold. Two outcomes that diverge on every integrated > passenger experience measure. > > <https://substack.com/redirect/4fac13f1-f1c4-42b5-85fe-8e7e9e985853?j=eyJ1IjoicXA2d3UifQ.HlINSA8PDxHHHilcinYj1ez7T3oLpCSnE0zzb_Hi_vw> > > Upgrade to paid > <https://substack.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.gvp4fBLZUu3FyG8yzJEX1w8TZaySF6ursAPVyi_wgJs?&utm_medium=email&utm_source=subscribe-widget&utm_content=198431586> > > The non-profit Canadian airport authority model can deliver world-top-10 > passenger experience. The same model can deliver > large-airport-bottom-quartile passenger experience. The model itself is not > what determines the result. > > “The model itself is not what determines the result.” > Privatized airports also produce divergent outcomes > > Same investor, different outcomes — a Canadian fund operating > internationally. AviAlliance is the wholly-owned airport operating > subsidiary of PSP Investments, a Canadian federal public-sector pension > fund. By every meaningful measure, AviAlliance represents Canadian capital > with Canadian-owned operating expertise deployed at foreign airports. It > holds substantial stakes in five airports across four countries: Athens > International, Hamburg, Düsseldorf, San Juan, and the > Aberdeen-Glasgow-Southampton (AGS) trio in the United Kingdom. > > <https://substack.com/redirect/b98243fe-da9d-4f4d-b8b6-7656f78f069e?j=eyJ1IjoicXA2d3UifQ.HlINSA8PDxHHHilcinYj1ez7T3oLpCSnE0zzb_Hi_vw> > > Fethi is a reader-supported publication. To receive new posts and support > my work, consider becoming a free or paid subscriber. > Upgrade to paid > <https://substack.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.gvp4fBLZUu3FyG8yzJEX1w8TZaySF6ursAPVyi_wgJs?&utm_medium=email&utm_source=subscribe-widget-preamble&utm_content=198431586> > > Under the same investor, the same operating platform, and the same > Canadian capital base, the passenger experience outcomes diverge. > > At Athens International, passenger experience has improved meaningfully > under AviAlliance’s hold. The database records an integrated score of 4.2 > on the 1-to-5 rubric. Skytrax recognizes Athens in its size category. At > Hamburg, passenger experience has neither improved nor degraded; the > airport holds steady at its pre-acquisition median level. Düsseldorf shows > the same pattern as Hamburg — stable, neither improvement nor decline. > > <https://substack.com/redirect/0d32a52f-ace7-4e78-82ba-9dd848bce405?j=eyJ1IjoicXA2d3UifQ.HlINSA8PDxHHHilcinYj1ez7T3oLpCSnE0zzb_Hi_vw> > > Three outcomes, one investor. Privatization in the AviAlliance sense did > not produce the Athens result. AviAlliance ownership did not produce uplift > at Hamburg or Düsseldorf. Whatever drives passenger experience improvement > is asset-specific — terminal vintage, traffic mix, CAPEX cycle, regulatory > KPIs, local airline mix — not ownership-structural. A Canadian-owned > operator with deep capability and a long investment horizon is consistent > with all three outcomes. > > “Whatever drives passenger experience improvement is asset-specific, not > ownership-structural.” > > Same country, same regulator, different outcomes — Brazil. Between 2011 > and 2022, Brazil ran seven concession rounds under the same federal > regulator (ANAC), the same legal model, and the same private-concession > structure. Round 1, in 2011 and 2012, brought Viracopos, Cumbica/Guarulhos, > and Brasília into private operation. Passenger experience outcomes were > mixed. Viracopos’s operator entered financial distress. Brasília under > Inframerica drew regulatory intervention. > > Rounds 4 through 7, between 2017 and 2022, tightened KPI design and bidder > qualification standards. Operators included Zurich Airport at Florianópolis > and Vitória, VINCI at Salvador, AENA across the Northeast bloc, and CCR > across the Central bloc. Passenger experience metrics improved demonstrably > across these later rounds. > > Same country. Same model. Same regulator. The variable was concession > design and operator selection, not the privatization decision itself. > > Same operator, different airports. AENA operates 49 Spanish airports under > a single state-controlled holding. Passenger experience scores diverge > across Madrid Barajas, Barcelona-El Prat, and Palma de Mallorca despite the > common operator. VINCI Airports operates 72 airports across 14 countries. > Lisbon scores high. Belgrade and Salvador have improved under VINCI’s hold. > Smaller regional assets score lower. The same operator produces different > passenger experience outcomes at different airports. > > The operator alone is not the determinant either. > What does explain passenger experience outcomes > > Across the 96 airports in the database, the factors that correlate with > integrated passenger experience operate independently of ownership type. > [image: Viracopos Airport Soars as São Paulo's New Global Gateway] > <https://substack.com/redirect/c30592dc-db55-4e34-9633-4bb96f5cc556?j=eyJ1IjoicXA2d3UifQ.HlINSA8PDxHHHilcinYj1ez7T3oLpCSnE0zzb_Hi_vw> > > Share > <https://substack.com/app-link/post?publication_id=7659153&post_id=198431586&utm_source=substack&utm_medium=email&utm_content=share&utm_campaign=email-share&action=share&triggerShare=true&isFreemail=true&r=qp6wu&token=eyJ1c2VyX2lkIjo0NDg0NTM3NCwicG9zdF9pZCI6MTk4NDMxNTg2LCJpYXQiOjE3NzkzMzU2NDQsImV4cCI6MTc4MTkyNzY0NCwiaXNzIjoicHViLTc2NTkxNTMiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.heaHRzmqpW9Md1iTC9eEhITFEKYoE97_ARF6KZayYus> > > CAPEX execution discipline correlates strongly — committed investment > delivered on schedule, terminal refurbishment on cycle, IT systems > modernized as traffic shifts. KPI design correlates strongly — > service-level standards that are measurable, externally audited, and tied > to financial consequences. Capacity-traffic alignment correlates strongly — > infrastructure that matches demand growth, rather than running behind it. > The YUL J.D. Power outcome is driven in part by demand growth that has > outrun infrastructure delivery in the post-2022 recovery. Operator > competence and continuity correlate — long-hold operators tend to invest in > passenger experience; short-cycle holders compress it. Governance alignment > correlates — operator authority commensurate with operator accountability. > Investment horizon correlates — long enough to recover capital expenditure > across its useful life. > > State-owned airports (Changi, Incheon, YVR), non-profit airports (YVR’s > success, YUL’s underperformance), pension-fund-owned airports (Athens > improvement, Hamburg and Düsseldorf steady), strategic-operator portfolios > (VINCI’s Lisbon strength, weaker regional assets) — each ownership model > can deliver excellent passenger experience when these operational > conditions are met, and each can underperform when they are not. > > The pattern across the four evidence stacks in this section is consistent. > > <https://substack.com/redirect/62bd131d-d925-4a5f-9da8-437113f1dbbf?j=eyJ1IjoicXA2d3UifQ.HlINSA8PDxHHHilcinYj1ez7T3oLpCSnE0zzb_Hi_vw> > > Across the four tests, the privatization label, the governance label, the > investor identity, and the operator identity each fail to explain > integrated passenger experience outcomes. Operational conditions do. > What this means for Canada > > The privatization question and the passenger experience question are > separable. Better passenger experience is not, on the evidence in this > database, a reason to privatize Canadian airports. State, non-profit, and > private ownership can each produce excellent or poor results, depending on > operational conditions. > > “Better passenger experience is not, on the evidence, a reason to > privatize Canadian airports.” > > Two cautions follow for Canadian policymakers and commentators. > > 1. > > *First*, do not link privatization with passenger experience > improvement as if it were a settled empirical claim. It is not. The > evidence in this piece — across non-privatized airports producing > world-class outcomes and privatized airports producing divergent outcomes > under the same investor and the same regulator — is not consistent with a > privatization-improves-experience causal claim. > 2. > > *Second*, do not assume Canada’s current non-profit airport authority > model is itself the source of any passenger experience gap. The same model > produces Vancouver’s world-top-10 outcome and Montreal’s bottom-quartile > outcome. The model is not the problem. > > Whatever ownership structure Canada chooses, integrated passenger > experience will depend on whether the new regime addresses five operational > questions. > > 1. > > Does the entity have committed, sequenced, enforceable terminal > investment plans with secured funding? > 2. > > Are service-level standards measurable, externally audited, and tied > to financial consequences? > 3. > > Is capacity sized to the demand growth Canada now sees, or running > behind it? > 4. > > Who actually runs the airport day to day — with what competence and > continuity — and how are operators selected and held accountable? > 5. > > Is operator authority commensurate with operator accountability? > > [image: Toronto Pearson Airport expands tech initiatives through DMZ pilot] > <https://substack.com/redirect/1b59b48f-2f64-4362-a3d3-ffe19af0c3d2?j=eyJ1IjoicXA2d3UifQ.HlINSA8PDxHHHilcinYj1ez7T3oLpCSnE0zzb_Hi_vw> > > Upgrade to paid > <https://substack.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.gvp4fBLZUu3FyG8yzJEX1w8TZaySF6ursAPVyi_wgJs?&utm_medium=email&utm_source=subscribe-widget&utm_content=198431586> > > These five questions apply equally to a reformed status quo, to > pension-fund subsidiary ownership, to private concessions, and to > consolidated platform models. They are not arguments for or against > privatization. They are the conditions under which any ownership choice > succeeds. > Returning to the question that matters > > If passenger experience is not the right argument for privatizing Canada’s > airports, the debate has to return to the question that actually governs > the decision. > > Is the airport an asset, or is it a tool? > > If the airport is an asset, the privatization question is about value > realization. What will the proceeds be used for? Who is the buyer? How is > the sale priced? The United Kingdom in 1987 treated BAA as an asset, sold > it, and three decades later imports operating expertise from Spain, France, > Germany, and Canada to run its own airports. > > If the airport is a tool, the privatization question is structurally > different. It is about building a national operating capability. Spain, > France, Turkey, India, and Brazil treated their airports as tools and built > operators that now compete globally — AENA, VINCI, Groupe ADP, TAV, Adani, > GMR. Each started at home. Each now generates revenue, technical expertise, > and strategic influence well beyond its national borders. Canada > participates in this market today on the investor side, through > PSP/AviAlliance, CDPQ, OTPP, IFM, and the broader Maple 8 pension > consortium — but not on the operator side. The asset-versus-tool choice > determines whether Canada’s coming legislation closes that asymmetry or > leaves it open. > > This is the debate Canada needs to have. Not whether privatization > improves passenger experience — the evidence shows it does not, in itself, > do so. The real question is what Canada wants its airports to be for. > > The structure follows from the answer. > > *The full research programme — 39 institutional investors, 96 airports, 39 > countries, more than 140 documented transactions, 1987 to 2025 — is > available on request. It is the empirical foundation behind this piece and > behind the broader policy work on Canada’s airport ownership choices ahead > of the autumn 2026 decisions.* > > Fethi is a reader-supported publication. 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